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Question - From the following information, construct a simple income statement and a balance sheet:
Sales $1,300,000
Finished goods 310,000
Long-term debt 300,000
Raw materials 140,000
Cash 60,000
Cost of goods sold 600,000
Accounts receivable 340,000
Plant and equipment 380,000
Interest expense 110,000
Number of shares outstanding 100,000
Earnings before taxes 470,000
Taxes 90,000
Accounts payable 240,000
Other current liabilities 80,000
Other expenses 120,000
Equity 610,000
Round your answer for earnings per share to the nearest cent.
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